Yono is evolving into a digital bank within the bank: Khara

Overall, 65% of SBI’s new accounts are being opened through the app. Further, more than 500,000 remittance transactions also take place on SBI’s Yono app.

State Bank of India’s ‘You Only Need One’ or Yono app has 10 million users and about 35,000 to 50,000 savings bank accounts are being registered daily, said Chairman Dinesh Khara said at the Global Fintech Festival on Tuesday. As a result, Yono is evolving into a digital bank within the bank.

Overall, 65% of SBI’s new accounts are being opened through the app. Further, more than 500,000 remittance transactions also take place on SBI’s Yono app. “We generate a quarterly income of Rs 100 crore through our YONO platform from fees and commissions associated with third-party product offerings,” Khara stated.

The Yono app, Khara says, has features such as E-KYC, an in-principle approval mechanism for mortgage loans, and car loans and it also offers pre-approved personal loans. “In a quarter, we have started earning Rs 100 crore of fee income only through Yono,” the chairman said, adding that SBI can build about Rs 29,000 crore-Rs 30,000 crore of loan book only through the Yono app.

When asked whether SBI will monetize the Yono app by way of public listing, Khara said the bank would instead like to leverage the app to create more value for all stakeholders. Yono is a distribution platform for SBI, thus the lender cannot sell it, he said.

Lastly, talking about how new-age fintech startups should work with financial institutions, Khara said that fintechs’ ability to scale up their product is the most important aspect. “When you work with any financial institution or a bank, your ability to scale up is going to determine your acceptability with the entity concerned…Solutions, if not scalable, perhaps cannot be adopted by any banks,” he said.  ENDS

Speaking about the bank’s performance, he said that it is witnessing demand across the corporate and retail sectors and is aiming to grow its loan book by 14%-16% on a year-on-year (YoY) basis in the current financial year,

While credit demand from large corporates is visible, partially on account of the government’s thrust on the infrastructure sector, the renewable sector and electronic vehicle segments are proving to be the new levers of growth in the economy, Khara said. As of June end, SBI’s total loan book stood at Rs 33.03 trillion rupees as of June end, up 14% YoY. About 43% of the bank’s loan book consists of retail personal loans while corporate loans account for 35% and small and medium businesses and agricultural account for the rest.

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